Financial services limited

Delegates from JICA Vietnam and Vietnam Women’s Union at the signing ceremony in Hanoi on November 28. (Photo courtesy of JICA) Hanoi (VNA) – The Japan International Cooperation Agency (JICA) Vietnam Office and the Vietnam Women’s Union (VWU) signed a record of discussions for the “project of promoting gender responsive financial inclusion through the Vietnam Women’s Union” in Hanoi on November 28. The technical cooperation project is expected to be implemented from March 2019 to March 2021. It aims at improving VWU’s capacity to promote development and delivery of financial and non-financial services responding to the needs of local women. Under the project, JICA and VWU will work together to provide training to financial service providers such as microfinance organisations and commercial banks on the basis of gender-responsive financial inclusion and good practices from other countries. At the same time, the project will support selected … [Read more...] about Japan helps to promote financial services for Vietnamese women

Viet Nam News VPBank recently launched a digital bank called YOLO in which users can access not only daily services such as taxis, movies, hotel bookings and food and beverage orders, but also banking services including savings and loans associated with Master Card. Director of YOLO Shameek Bhargava talks with local media about the unique digital banking platform that VPBank is proud to add to the market Can you tell us about the background of the digital bank? The idea of forming YOLO originated from the desire to create a digital platform capable of reaching and serving millions of new customers quickly – a digital banking platform that has the potential to thrive and break through what we see as the traditional banking model. With such big ambitions, we have used a completely new, independent technology platform that is different from current banking platforms which use the traditional core banking system. This platform allows us to grow faster than existing technologies … [Read more...] about YOLO digital bank expected to make a breakthrough in mobile financial service

Illustrative image (Photo: VNA) Hanoi (VNA) – How to ensure financial sustainability and long-term financial services for the poor at the same time remains a headache for both policy makers and financial service suppliers. This issues was discussed at a workshop entitled “Pro-poor Rural and Agriculture Finance Best Practices: Experiences of Vietnam” held by the Vietnam Bank for Social Policies (VBSP), the Asia-Pacific Rural and Agriculture Credit Association and the International Fund for Agriculture Development in Hanoi on September 5. Dao Minh Tu, Deputy Governor of the State Bank of Vietnam (SBV), told the workshop that the Party, the Government and the banking sector have always paid special attention to finance for farming areas in Vietnam. Under the national target programme on sustainable poverty reduction, the VBSP was assigned to provide credit for poor households and social assistance beneficiaries. In addition, the Government and the SBV have … [Read more...] about Banks seek ways to ensure long-term financial services for the poor

Adrian Chng, GoBear CEO: Fintech primed to boost financial services sector in Vietnam Vietnam is setting records. Notably, at the end of last year, it was named one of the world’s Top 20 internet users with 64 million connected people and in January this year, Vietnam claimed the title of the world’s fastest growing wealth hub, clocking in 210 per cent wealth growth between 2007 and 2017. This is the reason that Forbes declared the country ‘every keen investor’s must-watch’ for 2018. Besides, It means that Vietnam sits at the beautiful intersection where personal finance meets inevitable innovation. In the last five years alone, Vietnam has experienced the entry of over 40 new fintech players, such as online payment platforms Mobivi and Momo, as well as the country’s first fully digital bank Timo. One of these is financial products comparison platform GoBear, one of Asia’s fastest growing startups that has recently undergone leadership … [Read more...] about Fintech primed to boost financial services sector in Vietnam

IFC arranged a $100 million syndicated loan for TPBank to promote digital financial services to MSMEs in Vietnam. The financial arm of the World Bank Group, IFC, is providing a syndicated loan of $100 million to Vietnam’s TPBank to help it further extend long-term funding to micro-, small-, and medium-sized enterprises (MSMEs) and individual borrowers through digital delivery channels. Lack of financial access is one of the key challenges for MSMEs, which employ about 77 per cent of Vietnam’s labour force and contribute to around 41 per cent of the country’s gross domestic product (GDP). About 70 per cent of MSMEs have unmet financing needs, resulting in a $23.6 billion financing gap, equivalent to 12 per cent of the GDP. Given the scenario, IFC’s long-term funding commitment would enable TPBank to double its MSME portfolio over the next five years, providing more than $1.8 billion through about 46,000 loans by 2022. Notably, up to 65 per cent of the … [Read more...] about TPBank obtains $100 million IFC loan for digital financial services